New legislation will allow foreign mutual funds to market their products in Israel. The Israel Securities Authority announced today that Minister of Finance Yuval Steinitz approved an amendment to the Funds Law that will enable foreign funds to operate in Israel for the first time.
According to Globes, the bill, which goes before the ministerial legislation committee next week, is expected to generate a revolution in the mutual funds market. The measure will boost competition in the funds market, lead to reduction in management fees, and bring about improvement in the quality and variety of the products on the market. The move will expose the local market to the standards of the world's leading investment houses.